City auditors issue unmodified FY2024 opinion; staff unveils shorter community financial report

Laramie City Council auditors issued an unmodified opinion on the city’s audited financial statements for the year ended June 30, 2024 and reported no significant control deficiencies, the audit partner told the council on Feb. 11.

Abby Hagerman of Klinger Hagerman, an audit partner, said the firm completed the city audit in accordance with generally accepted auditing standards and government auditing standards and was able to provide “reasonable but not absolute assurance” that the financial statements were free of material misstatement. "We were able to issue an unmodified opinion," Hagerman told the council.

The auditor also included an emphasis-of-matter paragraph related to accounting changes and restatements tied to the city’s recent enterprise resource planning (ERP) implementation; Hagerman said staff corrected identified errors during the implementation and that the emphasis paragraph calls attention to those adjustments rather than reflecting an adverse finding.

Why it matters: An unmodified opinion is the highest standard auditors give on financial statements and signals they found no material misstatement in FY2024 reporting. The emphasis paragraph alerts readers to an…